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Interview with Nikkei
Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Jun Ishikawa
26 May 2021
What’s your assessment of the current economic situation in the euro area? Philip Lane said that we are now at an inflection point…
The lesson from last year is that we should be careful about declaring victory too soon. We received positive data over the summer, everybody was celebrating the end of the pandemic, and we know how that turned out: the economy went into a double-dip recession.
The outlook is now improving. We expect a rebound in the second half of the year, supported by the acceleration in vaccinations, the firming of global demand and, domestically, by the deployment of Next Generation EU funds. The recovery in tourism flows, which hopefully will last more than a couple of months like last year, will be emblematic of a gradual normalisation.
But there are two points to keep in mind. First, the recovery is incomplete: euro area GDP is still 5.5% below its pre-pandemic level and even further beneath its pre-crisis growth trend. This means that millions of jobs lost during the pandemic have not been recovered.
Second, the economy still relies on the oxygen provided by both monetary and fiscal policy: we are far from the point where we can see self-sustained growth. For example, job retention schemes continue to play a major role: in the euro area, the share of workers who are unemployed, discouraged or enrolled in such schemes is around 17%, double the headline unemployment rate.
It will take time to see how the economy will exit this terrible period and the real damage it has left behind. There's also still a lot of uncertainty, as you can see from consumers’ prudent spending behaviour and high precautionary savings. If you have a job supported by your government, you can make a living today, but you would naturally be worried about your job in the future.
In such an environment, a premature withdrawal of policy support would risk suffocating the recovery before it becomes self-sustained. And it would exacerbate uncertainty, further weighing on demand.
So we must continue to closely monitor the incoming data and ensure that the exit from the crisis is supported by a robust and lasting recovery. The output gap, the employment gap and the inflation gap are the key variables to determine when we have truly gone beyond the pandemic phase. They are expected to gradually narrow, but they are still far from satisfactory.
We are not out of the woods yet …
No, absolutely not.
What is your inflation outlook? Euro area annual inflation increased to 1.6% in April. It looks like inflation is coming back, doesn’t it?
We are currently seeing a transitory increase in inflation driven by rising commodity prices at the global level, statistical base effects and the reversal of the German VAT cut. But this will be a temporary hump: it is not expected to last beyond this year, as it’s not self-sustained and it’s not domestically driven. In any case, underlying inflation, which is mainly driven by domestic services, remains very low, at 0.7% in April.
Looking further ahead, our March projections foresaw that medium-term inflation would remain subdued: only 1.2% in 2022 and 1.4% in 2023. We should not extrapolate from what is happening in the United States. We don’t expect the same kind of surging demand and tight labour markets that would generate stronger lasting price pressures. Recent inflation surveys are in line with this picture.
I am concerned by the fact that, over our policy horizon, inflation is going to remain well below our objective of 2%. This may affect our credibility after so many years of inflation “misses”. Moreover, too-low inflation aggravates the real cost of debt at a time when private and public debt ratios are rising in order to offset the collapse in income caused by the pandemic.
Why does it take such a long time to return to 2%? Can we call it Japanification?
Japanification is the wrong expression in my view. It describes a situation where inflation expectations re-anchor at very low levels and become hard to dislodge. That’s not what we see in Europe. Long-term market-based inflation expectations are still around 1.6%, which is not optimal but a sign that the situation is very different from Japan.
What we’ve had is a sequence of huge shocks. First, the great financial crisis. Then the euro crisis. And now the pandemic. But the European Central Bank (ECB) can bring inflation back to its objective. We have the tools to push inflation close to 2%. And there is general agreement in the Governing Council that the current levels of projected inflation are unsatisfactory.
It is clear to me that the level of inflation in the medium term is still decided by the central bank. And we need to preserve our credibility, continuing to act forcefully until we reach our objective.
I would like to move on to monetary policy. Should the ECB continue after June to purchase bonds under the pandemic emergency purchase programme (PEPP) at the same pace as it does now?
The objective of the PEPP is to maintain favourable financing conditions, which are crucial to supporting spending by both the public and private sectors. With demand still weak and underlying inflation at very low levels, policy support remains essential and a premature tightening in financing conditions must be avoided. The risk of providing too little policy stimulus is still high.
In my view, only a sustained increase in inflationary pressures, reflected in an upward trend in underlying inflation and bringing inflation and inflation expectations in line with our aim, could justify a reduction in our purchases. But this is not what we projected in March. And, since then, I have not seen changes in financing conditions or the economic outlook that would shift the inflation path upwards.
In fact, we are now seeing a further undesirable increase in yields after the rise we observed earlier in the year. Financing conditions are tightening. In this environment, it is not surprising that we have also seen a persistent, non-negligible appreciation of the exchange rate, which – if sustained – would weaken inflationary pressures. We will discuss the implications of these trends in our June meeting, especially in the light of the new projections for medium-term inflation.
Would it be very difficult to end the PEPP by the end of March 2022 as scheduled?
I can’t currently speculate on what we will do in March 2022. That is almost a year from now, and a year is like a century today, given the high degree of uncertainty.
And let's not forget that we did not say that we would end purchases in March unconditionally. The Governing Council decided that we would continue to conduct net asset purchases under the PEPP until at least the end of March 2022 and, in any case, until it judges that the coronavirus crisis phase is over. Our objective is to stimulate the economy enough to end the coronavirus phase.
So let's see what the recovery will look like six or nine months from now, and what happens to inflation and inflation expectations. And let’s remember that, even when the coronavirus phase is over, inflation will still be far from our aim and we will need to use our tools to get back to our 2% goal. In this respect, we have formulated clear forward guidance on how we will use interest rates and asset purchases during and beyond the pandemic period.
Klaas Knot suggested shifting from emergency support to more conventional forms of support. What do you think about this idea?
The decisions to increase or decrease the pace of purchases, and to prolong or end the PEPP, are collegial decisions that depend on the state of the economy. They are conditional on seeing evidence of a robust recovery and sustained inflationary pressures, reflected in an upward trend in underlying inflation, that bring inflation and inflation expectations in line with our aim. From my viewpoint, the conditions that we see today do not justify reducing the pace of purchases, and a discussion about phasing out the PEPP is still clearly premature. Our decisions should not be swayed by narratives from abroad. Instead, they should be guided by compelling data about the euro area.
Should we wait until September or October?
We should wait until we have more clarity on economic and inflationary developments, and until we can be confident that they will enable us to deliver on our mandate. This implies, first, that we neutralise the effects of the pandemic on inflation, and second, that we continue our policy action until we see inflation sustainably reaching levels in line with our aim in the not-too-distant future. In my view, it is reasonable to look at a horizon of around two years for inflation to converge towards our aim.
You will decide in the next few months whether to launch a formal project to assess the possible introduction of a digital euro. But why do you need a digital euro? We already have many tools, such as Visa, Mastercard, Apple Pay, Google Pay…
For two main reasons: we see that people are buying more and more online and that they are using digital payment methods with growing frequency. If these two trends continue, the role of cash as a means of payment may decline significantly. But cash is the payment instrument issued by the central bank, its tangible link to citizens. Providing safe, sovereign money as a public good has been a core mission of central banks for centuries. I think we should continue to fulfil this core mission.
Second, we need to prevent the European retail payments market from being dominated by a handful of non-European players who could be relatively immune from the regulatory scrutiny and oversight of European authorities. This could result in insufficient competition and data protection. And in the absence of a European digital payments solution, our monetary and financial sovereignty would ultimately be at stake.
A digital euro would protect privacy, increase consumer choice, reduce transaction costs and support the digitalisation of the economy while making sure that sovereign money remains at the core of the financial system. And it would level the playing field by allowing all market participants to build on the digital euro to offer additional services.
So do you see the big tech companies from the United States as a threat to Europe?
A small number of non-European companies already dominate some parts of the market for retail payments, such as credit cards and online payments. In the future, the role of the big tech companies could become very significant in financial services, posing risks to privacy, competition and technological autonomy, as we have seen in other markets.
The introduction of a digital euro would help to keep competition open and stimulate innovation while strengthening Europe’s autonomy and financial resilience.
You said that a digital euro would be safe and riskless. But it could also be troublesome. What do you think about the impact on the existing banking system?
The digital euro would offer consumers a safe, riskless, totally liquid means of payment. In the absence of any limits or constraints to its use as an instrument to store wealth, it could attract huge investments, including large transfers of retail deposits from banks to the digital euro. This could increase the risks to financial stability, especially in a crisis.
But we would avoid those risks. There are two possible ways to address them. One is to restrict the holdings of digital euros by individual users, for example to no more than €3,000. This would limit the outflow of deposits from banks to the digital euro. The second possibility is to discourage large holdings of the digital euro by imposing a penalising remuneration on amounts held above a certain threshold.
The digital euro would therefore provide an efficient way to pay digitally in sovereign money rather than act as a form of investment. This would avoid instability in the financial sector and preserve financial intermediation.
Will you restrict using or holding a digital euro outside the euro area?
A digital euro accessible to non-euro area residents would offer a safe means of payment for retail transactions across borders. But in vulnerable emerging market economies, a digital euro could also be a very attractive form of investment. If not properly designed, it could facilitate capital outflows or even currency substitution, which could trigger financial instability. Conditions for access and use by non-euro area residents could therefore be designed to prevent excessively volatile capital flows or exchange rate fluctuations. Limiting or disincentivising excessive digital euro holdings by non-euro area residents are examples of how this could be done.
In any event, international cooperation on design, cross-border use and interoperability would be key to reap the potential benefits of central bank digital currencies for cross-border payments while addressing risks to the international financial system.
China will issue a central bank digital currency by 2022. Would it be a threat to you?
The Chinese authorities have announced that the digital renminbi will be designed for domestic use and for retail transactions. They want to preserve the role of sovereign money in the digital era and they are reacting to the expansion of Chinese big techs.
In the longer term, building interoperability between central bank digital currencies could reinforce their domestic benefits. This would make cross-border payments easier, cheaper and more efficient.
So China is not a competitor, but a partner for you?
Central banks are already cooperating, both bilaterally and in international fora. We are in contact with central banks in Japan, the United States, the United Kingdom, Canada, Sweden, Switzerland and also China. We can learn from each other and improve our understanding of the challenges that are associated with the possible introduction of a digital currency.
When will you start issuing a digital euro?
We started our discussion with the horizon of five years in mind. Five years is likely to be the minimum time necessary for the introduction of a digital euro. The Chinese started working on their digital currency eight years ago, in 2013. The Swedes started to work on the e-krona in 2017, and they have said they might be able to introduce it in 2026. So experience shows that the introduction of a digital currency requires time.
Does that mean we could have a digital euro in 2026?
That would be the earliest date. We should not rush to finish first. This is not a race. We cannot take the risk of introducing a digital currency that will not work well for users, or that would generate instability, domestically or abroad. It is such an important change. If we decide to issue a digital euro, we want to be sure we get it right.


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A recent study from the Internet Advertising Bureau UK (IAB UK) indicated that 50% of UK marketers use programmatic for buying smartphone inventory. However, the research, which was conducted in December 2015 by Circle Research, also found that among those that advertise on mobile, 44% didn’t have good knowledge of the practice.
Another way of looking at those figures, though, would be to concede that 66% of UK mobile marketers professed to having either good or expert knowledge about programmatic advertising on smartphones. If the wider programmatic market is anything to go by, these proportions are likely to be even more heavily weighted toward those that are “clued in” to the programmatic proposition in the coming years.
In eMarketer’s September 2015 report “UK Programmatic Advertising Forecast: Automated Trading on Track to Dominate Digital Display Ad Spending,” Steve Chester, director of data industry programs at the IAB UK indicated that the education phase for programmatic trading at large had largely passed.
“There’s a lot more confidence in the market than there was say two or three years ago when programmatic was really starting to take off in the UK,” he said.
Mobile marketers were slightly later to the programmatic party, but with mobile taking an ever-larger chunk of programmatic ad spend, the education phase is likely to accelerate quickly. eMarketer estimated that mobile accounted for just 35.1% of programmatic digital display ad spending in the UK in 2013. However, by 2016, that proportion is forecast to reach 58.7%. Although UK mobile marketers are relatively well-versed in trading smartphone inventory programmatically, it’s apparent that more need to get up to speed.

domain: news


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Nigerian Breweries shareholders have been recommended to receive bonus shares worth approximately N85 billion from the company. This was revealed following a regulatory filing over the...
Here are the five listed companies that announced dividends for the third quarter of 2022 following a healthy financial statement.
Airtel Africa has confirmed that it will pay an interim dividend of 2.18 cents per ordinary share on or around December 9, 2022 to all shareholders...
Last week, three listed companies announced their dividend for the third quarter of the year.
CWG Plc on Monday announced its readiness to commence dividend payment at the end of the 2022 financial year
Flour Mills of Nigeria Plc, a food and agro-allied company has approved N2.15 as a dividend payment for the 2022 fiscal year.
Zenith Bank has announced an interim dividend of N9.419 billion for all shareholders of the bank
Five listed companies announced their proposed dividends for the first half of the year ended June 30, 2022.
Nigeria's leading telecommunications company, MTN Nigeria has proposed to pay N113.985 billion in interim dividend to its shareholders in the first half (H1) of 2022.
Below is the list of all dividends announced in the week ended July 1st, 2022 on the Nigerian Exchange Limited (NGX).


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Developing Asia's economic growth is expected to slow down in the next two years due to high oil and food prices and an economic slump in industrial countries, a report by the Asian Development Bank (ADB) said Tuesday.
The Manila-based ADB said developing Asian economies will revert to moderate growth of 7.5 per cent in 2008 and 7.2 per cent in 2009 after posting their fastest growth of 9.0 per cent in 2007.
"Clouding the outlook for the region are the continued elevated level of international oil and food prices, the persistence of high inflation and a prolonged slowdown in industrial countries," the Asian Development Outlook 2008 Update said, the dpa reported.
The report projects an inflation rate of 7.8 per cent in 2008 in Asia and the Pacific, up from an earlier estimate of 5.1 per cent. In 2009, inflation is projected at 6.0 per cent.
Growth in East Asian countries is expected to decelerate to 8.0 per cent in 2008 and 7.7 per cent in 2009, from 9.6 per cent in 2007, the report added.
In South-East Asia, aggregate gross domestic product was projected to ease to 5.4 per cent in 2008 and 2009, from 6.5 per cent in 2007.
"Rising inflation is generally dampening growth in consumption," the report said. "Curbing inflation is the crucial macroeconomic challenge in most south-east Asian countries."
Ifzal Ali, ADB chief economist, said that despite the softening of world oil prices, these will remain at elevated levels.
"Higher oil prices are here to stay and the sooner that developing Asia wakes up to this reality the better," he said. "The past few years of robust growth in the face of rising oil prices should not delude us into believing that Asia's growth prospects will be immune from the effects of expensive oil."
"Looking ahead, a prolonged elevation of oil prices would almost certainly have an adverse impact on Asia's future growth," Ali said.
Ali also warned that despite the easing of food prices during the past months, the prices of staple food remained high and the crisis felt earlier this year is not yet over.
"Demand for food continues to outstrip supply," he said. " Asia is just one shock away from another grain price spike."
Ali urged Asian governments to implement structural reforms to boost agricultural productivity in the region.
"Governments have to invest in public goods that support agricultural productivity growth and allow clear market signals to pass through to producers and consumers alike," he said.
"Only a robust supply response by Asia's farmers can bring down prices to comfortable levels again," Ali added.


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After the good resolutions, the new regulations. New Year’s Day traditionally signs the promulgation of laws adopted during the past year, and this January 1, 2022 is no exception to the rule. In addition to the legislation, there will be news concerning purchasing power, access to contraception but also taxes. Overview of the main changes accompanying the transition to the new year.
The minimum wage is increased
It has become a habit: the minimum wage automatically increases by 0.9%, due to the rise in prices. The minimum wage therefore increases to 1,603.12 euros gross for 35 hours per week, which corresponds to a net salary of 1,269 euros, an increase of 11 euros compared to 2021. The new hourly rate is set at 10, 57 euros. There is, however, no additional “push” to this increase.
The price of postage stamps increases
This is also a tradition on January 1: the price of stamps increases by 4.7% on average. The price of the green stamp, for a cover distributed within 48 hours in mainland France, goes from 1.08 euros to 1.16 euros, while that of the red stamp, for a priority letter, goes from 1.28 euros to 1, 43 euro. For those less in a hurry, the price of Ecopli, recognizable by its gray stamp and which promises distribution in about four days, increases by 8 cents, to reach 1.14 euros.
A “mobility pass” to get to work
A new means of payment is emerging to pay for employees’ transport costs. The “mobility title“, modeled on the meal voucher model, makes it possible to pay certain expenses linked to travel between home and work. It is borne by the company and is an integral part of the sustainable mobility package, which concerns travel costs using alternative modes to the private car, without contributions or taxes, with a total ceiling set at 600 euros per year. This measure aims to support the ecological transition and makes it possible to buy fuel or supply electric, hybrid or hydrogen-powered vehicles.
Real estate loans more supervised
As of January 1, individuals no longer have the right to borrow over more than twenty-five years to acquire real estate. A measure supposed to reduce risks in residential real estate, because the average duration of mortgage loans has gone from eighteen years in 2015 to 20.1 years in early 2019, as highlighted by the High Council for Financial Stability (HCSF) in a report (PDF) published in October 2021. In addition, the debt ratio of borrowers may not exceed 35% of annual income.
Contraception becomes free for women up to 25 years old
Women under 25 will no longer have to give up taking a contraceptive because of its cost. The State takes charge of this essential expense, including biological assessments, prescriptions and all contraceptive care. Free education, which already applied to minors, now extends to three million potentially affected people. Costed at 21 million euros per year, this device aims to fight against the decline in contraception observed by the health authorities.
Single-use plastics will gradually disappear
In the supermarket shelves first, around thirty varieties of fruits and vegetables can no longer be sold wrapped in plastic film. Plastic should be replaced with cardboard or netting. However, professionals in the sector have a period of between one and four years (depending on the product) to adapt their methods.
But the battle against plastic continues far beyond the shelves. Toys offered on children’s menus can no longer be made from this material, as can the packaging intended for the delivery of newspapers, magazines and advertisements. The state no longer has the right to purchase single-use plastic products for use in the workplace or at events it organizes.
Finally, to fight against the proliferation of plastic bottles, bars and restaurants are now required to provide drinking water for free, even outside of meals. Establishments open to the public (from 301 people) must install free drinking water fountains.
It is forbidden to destroy unsold non-food items
This is another flagship measure of the anti-waste law and for the circular economy. France has chosen to ban the destruction of unsold non-food items, which concerns two billion euros of goods each year. Heavy fines are also planned to sanction companies that continue to burn unsold electronics, textiles, furniture or hygiene products, for example. Some manufacturers, whose products do not yet benefit from dedicated recycling channels, have until December 31, 2023 to comply.
Extra protection for male chicks and piglets
France becomes, along with Germany, the first country to ban the crushing and gassing of male chicks. Each year, 50 million male chicks were sacrificed in this way, because they were unprofitable. Only females, future laying hens, are kept. To remove male chicks, only the so-called in ovo sexing technique will be authorized, which allows the sex of the animal to be determined inside the egg itself.
Still concerning animal breeding, castration of live piglets, that is to say without anesthesia, becomes prohibited. Breeders may however continue to perform this operation, but only on condition that their buyers so require and if they follow a specific protocol, which involves either anesthesia followed by treatment, or a vaccine capable of stopping the production of steroids. This violent practice has so far affected 10 million piglets per year.
News regarding taxes
In 2022, the income tax threshold changes: taking into account inflation, it is raised to 10,225 euros for a single person, against 10,084 euros in 2021. Below this amount of income, the taxpayer is not subject to tax. In addition, for households who still pay housing tax (that is to say the wealthiest), the exemption increases to 60%, against 30% in 2021. This tax must disappear completely in 2023.
The instant tax credit also comes into effect on Saturday January 1. This measure aims to simplify the remuneration of home workers, who will be paid 50% by the employer, and the other half will be covered by the state. More than a million households are affected by this reform, which will gradually be extended to other types of services.


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Walmart (WMT) - Get Report is well positioned to weather the coronavirus storm, according to Oppenheimer analysts, who raised their rating on the No. 1 retailer to outperform from market perform with a $125 price target.
The target indicates 17% potential upside from the stock's Monday closing price of $106.76. In Monday's massive market selloff, the stock gave up 6.4%, At last check they rebounded 6.5% to $113.66.
Analyst Rupesh Parikh said the Bentonville, Ark., company's 11% pullback since March 10, vs a 17% decline in the S&P 500, is an attractive entry point as the company still has "attractive relative financial delivery" that could drive stock outperformance.
Walmart "is well positioned to still deliver on financial targets, and [the] shares could benefit from money flows shorter term as investors likely continue to seek safety in a more uncertain global economic backdrop," Parikh said.
The firm's bullish view is driven by several factors including its expectation that the company's fiscal 2020 financial targets are still achievable. He says that Walmart's size enables it to better manage fluctuations than other retailers, and that the company's shares historically have outperformed during recessions.
Oppenheimer notes that grocers are one of the biggest beneficiaries from the global fight against the coronavirus pandemic.
"We expect a meaningful moderation in consumer spending near term, but we are less clear how long it lasts," Parikh said.
"The U.S. government likely initiates economy stimulus, which could also help the WMT consumer manage through adverse impacts."


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Mere hours after filing for , FTX’s fraught situation worsened dramatically. On late Friday night, the crypto exchange claimed it had been hacked after millions of dollars in digital assets were siphoned from FTX wallets despite the company freezing withdrawals earlier in the day. The exact amount of missing money is unclear, but the figure at more than $600 million.
“FTX has been hacked. FTX apps are malware.” the company posted on its official Telegram account. It urged customers to avoid the FTX website and delete its apps from their phones. Following the announcement, FTX General Counsel Ryne Miller the company was moving all of its digital assets offline “to mitigate damage upon observing unauthorized transactions.”
As CoinDesk points out, some crypto community members have speculated the funds may have been withdrawn by someone from FTX founder Sam Bankman-Fried’s inner circle. Bankman-Fried hasn’t commented on the incident. The missing millions are in addition to at least $1 billion worth of customer funds that vanished from FTX before the company filed for bankruptcy. According to , Bankman-Fried “secretly transferred” $10 billion from the crypto exchange to his trading company Alameda Research. He reportedly disclosed the financial gap to other FTX executives on November 6th, mere days before Binance and subsequently abandoned its bid to .
“We didn’t secretly transfer,” he told Reuters. “We had confusing internal labeling and misread it.” When asked about the missing funds, he reportedly replied “???” On Saturday, Bankman-Fred also denied reports he after he resigned as CEO of FTX.
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"From the initial research work to its decommissioning, an aircraft's entire service life can amount to up to 90 years," said Tom Enders, CEO of aerospace manufacturer EADS and the invited speaker at the Monday night opening ceremony of this year's C...
Sixty-seven percent of employees work from home, according to the VMware New Way of Life 2013 study that shows the use of personal technology is eliminating the boundary between separate work lives and personal lives.
New Apple law means execs and directors must hold stock equating to three, five times their salary.
Alcatel-Lucent's board has appointed Michel Combes as the company's new Chief Executive Officer, following Ben Verwaayen's recent resignation.
The fund manager who has taken Apple through the courts to stop it from allowing shareholders to vote on a measure that he believes could see Apple eliminate preferred stock from its charter, has made an appeal to Apple shareholders to join him in a ...
Oracle is moving 130 manufacturing jobs from Mexico to Oregon in the U.S., a company spokeswoman said.
Eighty-nine percent of Chinese information workers use smartphones at work, according to Forrester's second annual Forrsights Workforce Employee Survey.
Alcatel-Lucent reported a fourth-quarter net loss of €1.37 billion (US$1.81 billion), and at the same time announced it is hunting for a new CEO.
A chemical leak at a Samsung Electronics plant in South Korea has resulted in the death of a contract worker, while four others have been discharged from a hospital after treatment, the company said Monday.
Alan Cox, one of the chief contributors to the Linux kernel, has taken a step down from his volunteer duties, citing the need to attend to family matters.
Nokia is planning to transfer up to 820 employees to HCL Technologies and Tata Consultancy Services and lay off up to 300 people as the company reorganizes its IT organization.
Longtime VMware Chief Technology Officer Steve Herrod has stepped down from his post, leaving the company during a challenging time.
Advanced Micro Devices has been granted by a court in Massachusetts a temporary restraining order against four former employees, three of whom are alleged to have left the company to join Nvidia with confidential documents and trade secrets.
Alibaba Group's Jack Ma will step down from his position as CEO of the Chinese e-commerce giant in May, to help usher in its next generation of leaders. But he will stay on as executive chairman to focus on company strategy.
The unemployment rate among U.S. IT workers stood at 3.3 percent in the fourth quarter of 2012, significantly lower than the overall unemployment rate of 7.8 percent, according to tech job board Dice.
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Apogee Enterprises Inc (NASDAQ:APOG) has been given an average rating of “Hold” by the seven analysts that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $46.33.
A number of research firms have recently commented on APOG. BidaskClub upgraded Apogee Enterprises from a “strong sell” rating to a “sell” rating in a research note on Saturday, January 5th. Craig Hallum set a $48.00 price objective on Apogee Enterprises and gave the company a “buy” rating in a research note on Friday, December 21st. ValuEngine cut Apogee Enterprises from a “sell” rating to a “strong sell” rating in a research note on Friday, December 21st. Finally, Zacks Investment Research upgraded Apogee Enterprises from a “sell” rating to a “hold” rating in a research note on Tuesday, November 20th.
In other Apogee Enterprises news, CEO Joseph F. Puishys purchased 10,000 shares of the firm’s stock in a transaction dated Monday, December 24th. The stock was purchased at an average price of $26.97 per share, for a total transaction of $269,700.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James S. Porter purchased 2,000 shares of the firm’s stock in a transaction dated Monday, December 24th. The stock was acquired at an average price of $28.10 per share, with a total value of $56,200.00. The disclosure for this purchase can be found here. 2.90% of the stock is currently owned by insiders.
Shares of APOG stock traded up $0.28 during trading hours on Tuesday, reaching $34.35. The company’s stock had a trading volume of 196,658 shares, compared to its average volume of 220,371. The firm has a market cap of $933.50 million, a P/E ratio of 11.08, a P/E/G ratio of 1.10 and a beta of 1.58. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.38 and a current ratio of 1.75. Apogee Enterprises has a one year low of $26.38 and a one year high of $50.87.
Apogee Enterprises (NASDAQ:APOG) last released its earnings results on Thursday, December 20th. The industrial products company reported $0.80 EPS for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.02. The company had revenue of $357.70 million during the quarter, compared to analysts’ expectations of $362.40 million. Apogee Enterprises had a return on equity of 16.19% and a net margin of 5.68%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. As a group, equities analysts predict that Apogee Enterprises will post 3.13 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 20th. Shareholders of record on Tuesday, February 5th will be paid a dividend of $0.175 per share. This is a boost from Apogee Enterprises’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Monday, February 4th. This represents a $0.70 dividend on an annualized basis and a yield of 2.04%. Apogee Enterprises’s payout ratio is presently 20.32%.
About Apogee Enterprises
Apogee Enterprises, Inc designs and develops glass and metal products and services in the United States, Canada, and Brazil. It operates through four segments: Architectural Framing Systems, Architectural Glass, Architectural Services, and Large-Scale Optical Technologies (LSO). The Architectural Framing Systems segment designs, engineers, fabricates, and finishes the aluminum frames used in customized aluminum and glass window, curtainwall, storefront, and entrance systems comprising the outside skin and entrances of commercial, institutional, and multi-family residential buildings.
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Strengthening its presence in the rugged notebook and tablet space, Panasonic has launched three new products in the Indian market. Claiming to be the biggest player in this segment, the company aims to capture 65 per cent market share by the end of 2015/16 in the rugged IT device category.
Panasonic has launched Toughpad FZ-E1 and FZ-X1 along with Toughbook CF-54. The former is a 5-inch handheld tablet with support for calling and data services. Toughpad FZ-E1 is powered by Windows Embedded 8.1 and the Toughpad FZ-X1 runs on Android 4.2.2 operating system. These two are enterprise-class devices and are priced at Rs 1.19 lakh and Rs 1.09 lakh respectively. These can withstand a drop from up to 10 feet on concrete and are IP65/IP68 water- and dust-resistance certified. They pack in a 6,200mAh battery.
The company has also launched the ToughBook CF-54, which costs Rs.1.39 lakh. The company claims it to be a high-end rugged notebook, which is 50 per cent thinner and 25 per cent lighter than the previous CF-53 model. It packs in the 5th generation Intel Core i5-5300U vPro processor clocked up to 2.9GHz and 11 hours of battery backup.
Toru Hasegawa, Divisional Managing Director, Solutions Division, Panasonic India, said, "With the industry moving towards unification of enterprise and carrier networks, we are offering all-inclusive solutions to different market segments. The new products build on the legacy of nearly two decades of rugged devices from Panasonic to accomplish the mission of professionals in the most demanding work environments. With this launch, we are looking at increasing our presence in the Rugged IT devices segment from an existing 60 per cent to almost 65 per cent."
Currently, the company has a wide variety of devices under this segment starting at Rs 89,000 and going up to Rs 2.3 lakh.


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Wireless charging is not new in the hi tech sector with the WattUp Energous, however, the rod of innovation rises further, considering how this technology brings with it the possibility of using wireless charging distance, a solution whereby the user may enjoy more flexibility in the daily use of their device while charging.
As reported recently, during the CES 2017 in Las Vegas, it does not miss it very much because the market reach the first device equipped with this solution, which uses radio frequencies (transmitted via the charging dock) to a receiver, in turn, he is concerned to convert them into electricity to be used inside the same battery.
For the moment, charging can take place just a few centimeters away, and in the course of 2017, a new version of the system that will allow for a margin of autonomy of about one meter will be released. In order to have greater freedom of movement, it was not until 2018, when it will launch a new version that will ensure a range of 4.5 meters.
Check out the video below to understand the potential of WattUp of Energous: enjoy!


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Tweaktown published a report of a tour through one of Gigabyte's factories.
Quote: "t wouldn’t be a Computex without at least one factory tour, and GIGABYTE was kind enough to offer us a tour of their Nan Ping factory out in Taipei. This is only one of the many factories that GIGABYTE has around Asia, but this is the heart of GIGABYTE – it is where all the new research and development happens, along with production of the new boards that come out (all the new P45 boards are coming from this factory). Motherboards based on the lower cost chipsets like 945G come from China to reduce costs even further."
Read the full report on Tweaktown.
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Next year, visitors to Jefferson Pointe will have a new experience: being able to drive up to, and park in front of, stores on the interior pedestrian mall.
That's the plan the center's developers want the Fort Wayne Plan Commission to approve in upcoming weeks.
RED Development of Overland Park, Kansas, is proposing to run a private street with a roundabout through the middle of the popular lifestyle shopping center in southwest Fort Wayne. The new street would mean the interior of the center, now accessible only on foot, could be reached by vehicle from entrances on Illinois Road and West Jefferson Boulevard.
Jeff McMahon of RED Development said the company's experience is that's what shoppers prefer these days.
With online shopping digging into brick-and-mortar retail stores' sales, “I think the more convenient you can make it, the more likely people are to visit the store,” he said in a telephone interview Wednesday afternoon.
Jefferson Pointe is nearly 20 years old, he said, and “I think (the changes) are overdue.”
One change that likely will not come as a result of the center's retooling is the loss of the central fountain. While plans show the proposed roundabout is where the fountain is now, “We'll do everything we can to preserve the fountain,” McMahon said.
However, the fountain may have to be raised or reconfigured slightly to accommodate topographic requirements, he said.
The fountain serves as a gathering spot for summertime Friday night music performances and Christmas-season activities, “and we don't want to lose that,” McMahon said.
He added the new street is designed so it can be closed for special events. The design also includes pedestrian walkways as well as about 30 new parallel parking spots.
For merchants, a benefit of the change is higher visibility for stores on the inside of the shopping center, McMahon said. He said he did not have Jefferson Pointe's current vacancy rate, but the feature should make it easier to attract retailers.
The developer is now looking to create “a more vibrant, downtown urban feel,” McMahon said.
None of the changes will go into effect for the upcoming holiday shopping season, McMahon said. They are expected to start and be completed in 2019.
RED was the original developer of Jefferson Pointe. The property was sold and was reacquired by RED in March.
The new 650-foot street is expected to cost $2 million to $3 million, McMahon said.
Plans also include a “future building” near the AMC theaters. The building would replace another building that was torn down when a drive was built to serve theater traffic, McMahon said.
But no plans are firm, he said.
The proposal, in the form of an amendment to a primary development plan, will be heard during a public hearing at 5:30 p.m. Oct. 8 in Room 35 of Citizens Square, 200 E. Berry St.


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DAN ATKINSON: Bell tolls for old lady who isn't believed
On this long Jubilee weekend, the Monarchy faces a new danger – not abolition but competition. After all, if the Queen embodies one elegant but essentially decorative part of the constitution, so too, surely, does the Bank of England’s Monetary Policy Committee.
Its official job is to set policy so as to hit an annual two per cent inflation target. That has not been achieved since the 12 months to November 2009.
Given that the Bank is duty bound to predict that the Consumer Prices Index will be back on target within two years, and given that more than two years have now elapsed, perhaps, 15 years almost to the month after its foundation, the MPC, which meets this week, is becoming essentially ceremonial.
Old lady: The Bank of England is bound to predict that the Consumer Prices Index will be back on target within two years
Think Lord Warden of the Cinque Ports, or the chap with a bell who occasionally shouts ‘Hear ye!’ outside your local town hall. The sort of thing we British do so well.
If this sounds preposterous, or unfair, or both, consider a few key points.
First, no one believes the Bank’s inflation forecast. Not in the sense that they accuse the MPC of peddling untruths, it is simply that they fear the MPC is institutionally over-optimistic on this score.
Second, no one believes that the conventional relationship between interest rate changes and consumer behaviour is working any more. How could it? The effect of a change in the base rate is meant to be felt 12 to 18 months down the road, but the official rate has been stuck at 0.5 per cent for more than three years.
Which brings us, of course, to quantitative easing, the alternative tool to interest rates for the discharge of the MPC’s duties.
Officially, the £325billion conjured out of thin air by this programme has been deployed to make sure the Bank hits its inflation target. But nobody believes that, which explains why QE is always discussed in terms of its impact or lack of it on economic growth.
Fourth, and finally, the securities, mainly British Government bonds, that the Bank bought with the QE money are supposed to be sold back to the private sector when conditions allow. Are gilts investors fearful that this vast stockpile is about to hit the market, depressing the value of their holdings?
Not exactly. The betting is that these bonds are going to be off the market for a very long time, with many of them running to maturity. That is a fancy way of saying the Treasury will pay their face value to the Bank, which will then return it to…the Treasury. Nice work.
What does this all add up to? Simply that monetary policy as conceived over the past few decades has lost credibility, in that not only do markets not believe that it works as advertised but also that they do not believe that its practitioners believe it either.
And if neither the City nor the Bank can find any reason to believe, why should we?
Read more on this topic at atkinsonblog.dailymail.co.uk.
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Implications for Hospitality and Travel: Hospitality and travel operators are likely to find themselves facing more demands to watch for suspicious activities in travel destinations, or even to provide security agencies with information about their guests.
9. Time is becoming the world’s most precious commodity.
In the United States, workers spend about 10 percent more time on the job than they did a decade ago. European executives and non-unionized workers face the same trend. In Britain, an Ipsos MORI study found that 32 percent of people who had not visited a museum in the previous year reported having too little time to do so; in 1999, only 6 percent had cited that reason. China's rapid economic development means its workers also are experiencing faster-paced and time-pressured lives. In a recent survey by the Chinese news portal Sina.com, 56 percent of respondents said they felt short of time. Technical workers and executives in India are beginning to report the same job-related stresses, particularly when they work on U.S. and European schedules.
Assessment: This trend is likely to grow as changing technologies add the need for lifelong study to the many commitments that compete for the average worker’s time. As it matures in the United States, it is likely to survive in other parts of the world. It will not disappear until China and India reach modern post-industrial status, around 2050.
Implications: Time pressures will grow even more intense as companies squeeze even more productivity from their existing workforce rather than hiring new people in the face of the current global recession.
Stress-related problems affecting employee morale and wellness will continue to grow. Companies must help employees balance their time at work with their family lives and need for leisure. This may reduce short-term profits but will aid profitability in the long run.
As time for shopping continues to evaporate, Internet and mail-order marketers will have a growing advantage over traditional stores. That 64 percent said they were never late and were intolerant of other people’s tardiness suggests a new cultural challenge to the traditional Chinese concept of a leisurely existence.
China, India, and other developing countries can expect consumer trends similar to those in the United States as workers seek out convenience foods, household help, and minor luxuries to compensate for their lack of leisure time.
Implications for Hospitality and Travel: Work pressure is eroding vacation time throughout the industrialized world. One-third of Americans take 50 percent or less of the vacation time their jobs theoretically allow. In Britain, 25 percent of employees take only part of their vacation time. In Japan, where employees are legally guaranteed 17 days per year of vacation, the average worker takes only 9.5 days annually.
For those with little time, but adequate funds, multiple, shorter vacations spread throughout the year will continue to replace the traditional two-week vacation.
For the most well-off travelers, time pressure is a strong incentive to use travel agents and shop for packaged tours, rather than doing their own vacation planning. This is the one force that tends to preserve a market niche for the minority of travel agents who survive the transition to Internet booking. Less wealthy vacationers will continue to speed the task of making travel arrangements and broaden their selection of affordable vacation packages by doing their shopping on the Internet.
Anything destinations and tour operators can do to save time for their customers will encourage repeat visits.
10. The women’s equality movement is losing its significance, thanks largely to past successes.
According to some, though not all, studies, women have nearly achieved pay parity with men in the United States when factors such as educational level, responsibilities, and seniority are taken into account. Younger generations of women are better educated and are even more likely to be successful than their male peers. Generation Xers and Millennials are virtually gender-blind in the workplace, compared with older generations.
This is true even in societies such as India and Japan, which have long been male-dominated, though not yet in conservative Muslim lands.


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I’m starting to get whiplash from this roller coaster ride that is Dogecoin’s value in recent days. It surged amid hype for Tesla and SpaceX CEO Elon Musk’s Saturday Night Live debut last weekend but plummeted after he called the meme-inspired cryptocurrency a “hustle,” only to ricochet again days later when SpaceX committed to accept a company’s payment in Dogecoin and Tesla suspended purchases using Bitcoin, citing environmental concerns, not long after.
“Working with Doge devs to improve system transaction efficiency. Potentially promising.”
Now, Musk is a known internet troll with a history of using Twitter to throw the stock market into a tailspin for the sake of a punchline, so it’s anyone’s guess whether he’s being serious. About an hour later, he posted another tweet sharing a bit of age-old wisdom from The Hitchhiker’s Guide to the Galaxy with his millions of followers: Don’t panic! This seems to suggest it might just be a prank, but honestly, who fucking knows. (We’ve reached out to Tesla for clarification, but admittedly the company’s been pretty quiet since dissolving its PR department last October).
Joke or not, though, the effect it’s had on the price of Dogecoin is very much real. Dogecoin’s value jumped by as much as 18% following Musk’s tweet, according to Coinbase, and TradingView reports that its market cap spiked by $10 billion. The buzz has since tapered off a bit, but Dogecoin’s value is still coasting about 11% higher compared to this time yesterday.
On Wednesday, Musk announced (also via tweet) that Tesla would no longer be accepting vehicle payments in Bitcoin, supposedly out of concern over the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions.” In the meantime, he said, Tesla will continue to look for more energy-efficient cryptocurrencies. And while that’s a commendable goal, the fact that Musk is only just now acknowledging how insane crypto mining’s carbon footprint is makes Tesla’s newfound concern feel like a PR move more than anything else.
On Monday SpaceX agreed to accept a payment solely comprised of Dogecoin from the Canada-based Geometric Energy Corporation to secure its spot for an 88-pound satellite aboard a space mission scheduled for 2022. The announcement had Dogecoin prices rebounding a bit after they tanked by about a third following Musk’s SNL appearance. Prices have been extremely volatile (even for a cryptocurrency) in the days since. But whether Musk’s tweets are serious or not, their command over stock prices is undeniable, so I suppose the Dogefather is getting the last laugh either way.


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Decentralization in Siberia – Blockchain Leaders Will Meet in Irkutsk
Baikal Blockchain and Crypto Summit 2020 is a global development discussion, which has a 9-year history in Russia, and for the second year straight Siberia was picked as the setting of the occasion. The occasion will be held in Irkutsk on August 27, 2020.
Baikal Blockchain and Crypto Summit 2020 is the main advancement gathering in Irkutsk, where sentiment pioneers and fruitful specialists from everywhere throughout the world can meet. It is where the most recent innovations and experience are traded between business visionaries from everywhere throughout the world. World pioneers talk about the most recent advancements, open doors for participation, break down intriguing cases, recount to their examples of overcoming adversity, recognize significant patterns and show how creative innovations are changing the world.
The hotly anticipated Meetup will happen on August 27 in Irkutsk at the IX International Meeting inside the system of Baikal Blockchain and Crypto Summit 2020 venture. Online communicate from various pieces of the world, which will unite specialists, financial specialists, youthful pioneers and agents of significant global organizations.
In past gatherings, it has just been viewed as how the most recent Blockchain innovation will impact the areas being talked about. What advancements will bring, what upgrades will follow.
In the up and coming occasion the trademark "How about we improve our local land" has been picked.
Date focuses + vitality (Increasing job, expanding esteem)
Venture engaging quality (Investment atmosphere, thoughts)
The advanced economy (as the fundamental cross-cutting device of the jump)
Digital currency mining is dead? Truly! What next?
Huge squares. Size issue
Transport, coordinations, gracefully chains and blockcain.
Blockchain for Tourism
What's more, others.
The program of Baikal Blockchain and Crypto Summit 2020 additionally incorporates introductions - pitch of one of a kind ventures, master evaluation of the improvement of the Blockchain innovation
This year they'll be participating
Konstantin Zaitsev, Prime Minister of the Siberia Irkutsk Region
Alexander Shulgin is a visionary with rich involvement with putting resources into computerized economy, blockchain, just as broad information on blended reality, media and funding ventures
Dr. Craig S. Wright, Chief Scientist, nChain
Toli Makris is a fellow benefactor of EX Sports. He will discuss how the utilization of Blockchain innovation will affect the games media outlet
Boris Kim Co-Founder and CEO QIWI Group - driving fintech worldwide open organization
Jerry D Chan, CEO of TAAL, world-class, vertically incorporated, blockchain and specialist co-op
Jimmy Nguyen, establishing leader of the Bitcoin Association, a worldwide modern association that underpins Bitcoin Satoshi Vision (BSV)
Likewise among the speakers:
Originator and Managing Director of Camloy International Ltd. Nixon Chang
General Managing Partner, Emerging Asia Capital Market, Hans Do-hyun
The head of Arctic Startup, Ian Amery
General Director of ITSumma, Evgeny Potapov
Distributer, boss editorial manager of Diplomatic World, Barbara Dietrich
Originator and Chairman of the Board of Directors of Innalabs Inc. (Dormancy Navigation, Ireland), originator of EightPeaks (Mineral Water, Russia), Dmitry Simonenko
President Minery.io, Ilya Bruman
Overseeing accomplice of Genezis Technology Capital (adventure support with center around apply autonomy and man-made reasoning), Maxim Shekhovtsov
Prime supporter and accomplice of The Untitled Venture Foundation
Sergey Mayarenkov, business person, overseer of ANO Irkutsk Quarters
Alexander Deev, business person, accomplice of new companies in the field of ranger service
What's more, numerous others.
Members and observers of the Baikal Blockchain and Crypto Summit 2020 mitap will find out about effective cases in Asia, the West and from various pieces of the world. Agents from the circles of mechanical autonomy and man-made reasoning, cybersports will likewise partake in the convention.
Baikal Blockchain and Crypto Summit 2020 unites individuals. The occasion will accumulate thoughts from youthful pioneers who experienced issues discovering accomplices and similarly invested individuals.
For more data please visit https://www.siberiablockchain.com/.


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Well AAPL is doing what I expected it to do. Weeks before the big conference event it climbed$123 to $147. Now the day starting of the Mac Show in San Francisco, CA 2009 it fell. Also noting RIMM is falling with AAPL. They both for the most part copy each other’s stock price movement up/down.
A decrease in computer sales prices is bad news for investors unless the computers are now even cheaper to make because more are in production. So a lower price may also mean if cheaper to construct them because more people are buying Apple computers could mean more sales to come for Apple which would mean continual earnings growth and profits.
Fans want to see a new type of iPhone. I don’t know if they are going to get it. If Steve Jobs does not show up for his Mac world I could see that hurting the stock price unless a new improved iPhone was shown. Currently the rumor is just for an updated iPhone. That is not a big deal to fans, they want more of a tablet one. Regardless the stock could fall more this week. Then after if Apple’s full story on lowered computer prices is a positive one and if there is a new iPhone then I could see Apple moving much higher up into the summer and into the fall with a likely stock split.


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July 26 (Reuters) - Farm equipment maker AGCO Corp
posted a 54 percent jump in quarterly profit on Thursday, though
the company said it is worried that the U.S. drought will dent
demand for tractors.
For the second quarter, the company posted net income of
$204.9 million, or $2.08 per share, compared with $133.7
million, or $1.36 per share, in the year-ago quarter.
Sales rose 14 percent to $2.69 billion.


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As an edgy new addition to the Marvel Universe, the new "Daredevil" merchandise program focuses on adults with a stylized interpretation of the property.
"Daredevil" debuted on Netflix in April and a second season has already been ordered for 2016. Product will begin arriving on shelves soon and carry through to next year.
The products will incorporate key art including the "Marvel’s Daredevil" logo, Daredevil’s new red suit and the Nelson & Murdock Law Firm logo, along with classic comic book artwork.
To jumpstart the new program, DCP has collaborated with key licensees who will translate the gritty tone of the series into lines ready for retail. Mad Engine, C-Life, and Mighty Fine will introduce new apparel; Bioworld will debut hats and accessories; while Funko will roll out a line of collectibles; and CafePress will launch 116 different designs across a wide variety of different
Products will be sold in most major retailers, with a focus on specialty players such as Hot Topic, F.Y.E., Spencer’s and comic book stores.
“The overwhelmingly positive reaction from fans and critics alike has led to a huge demand for 'Daredevil' merchandising,” says Paul Gitter, senior vice president, licensing, Marvel, DCP. “While momentum for the series continues to build, we are working quickly to expand our robust licensing program that stays true to the tone of the series and allows fans cool ways to express their passion for 'Daredevil.'”
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The online craft bazaar Etsy debuted on the Nasdaq stock market (ETSY) Thursday morning opening at $31 a share, almost twice the initial public offering price at $16 per share set Wednesday evening.
The initial deal raised about $267 million by selling 16.7 million shares at $16, and giving Etsy a valuation of $1.8 billion, reports stated.
Etsy, a marketplace of artisan craft sellers, was founded a decade ago and has more than 54 million members, including 1.4 million active sellers on the site and 19.8 million active buyers around the world, according the company. The company makes revenue by charging sellers listing fees and commissions.
The company also created a wholesale program last April which allows members to sell their products to retailers from independents, to specialty chains like Nordstrom, West Elm and Anthropologie.
Etsy’s IPO also marks the second, and biggest, for a Benefit Corporation, or B Corp. B Corps are for-profit companies that pledge to adhere to social and environmental accountability guidelines set by nonprofit organization B Lab. Over 1,000 companies have B Corp certification to date.


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Let's face it. For most of us, sugar policy means choosing between white, pink, blue or yellow packets. Maybe that's why a new U.S.-Mexico sugar agreement isn't getting as much attention as it should.
The deal itself is getting mixed reviews which is probably a good sign. U.S. sugar refiners and growers aren't supporting the deal but corn refiners are. The U.S. needs to import sugar because our demand is greater than supply.
The U.S. sugar industry wants imported sugar to be raw to keep our refineries busy. The U.S. sugar refining industry wanted 85% of sugar from Mexico to be raw, but the deal calls for 70%.
Corn refiners are happy not to lose a key export market. While details are being worked out the bigger story is that despite heated rhetoric between the two countries over immigration, trade and a wall, the two sides were able to sit down and make a deal.
That's a good sign as we head to renegotiation of NAFTA. The issues then will be bigger and more complex and include Canada but hopefully this deal creates positive momentum when negotiators sit down across from each other later this summer.
Ag Secretary Sonny Perdue tried to do something similar in recent talks with his Canadian counterparts. Trump administration critics will scoff but this deal gives hope to those nervous about upcoming trade talks.
As we get ready for the main course at least they have already passed the sugar.


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March 10, 2020
According to the report jointly published by the UN Economic Commission for Africa and Trademark East Africa, implementation of the African Continental Free Trade Area (AfCFTA) in Eastern Africa could result in welfare gains amounting to USD 1.8 billion for East Africa, boosting intra-African exports by more than USD 1.1 billion and creating more than 2 million new jobs.
The publication provides a first comprehensive assessment of the potential impact of the African Continental Free Trade Area (AfCFTA) on the economies of East Africa and underscores the ambitious nature of the AfCFTA: it is not simply a question of establishing a ‘free trade area’.
It liberalizes service sectors as well as merchandise goods. It aims to simplify investment and intellectual property regimes and create a common platform for competition policy.
Boost to intra-African trade expected
According to the report, the elimination of tariffs and non-tariff barriers required by the Agreement will boost intra-African trade and improve developmental prospects for East Africa, allowing regional firms to tap into the rapidly growing markets both within the region and throughout Africa.
However, the report stresses that many of the expected gains could be undermined if the needs and concerns of the private sector are not heard in order to gain an understanding of the impact on the affected sectors. This requires an understanding of needs at all levels including large, small and medium-sized enterprises.
Download the report here


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(Bloomberg) — GNC Holdings Inc. got legal permission to sell itself to Chinese sponsor Harbin Pharmaceutical in bankruptcy court despite recent resistance from U.S. political figures.
Bankruptcy Court Judge Karen Owens approved the health and wellness company’s plan to sell its assets to its largest shareholder and original bidder, Harbin Pharmaceutical Group Holding Co., for $770 million. The deal was also supported by GNC’s landlords and creditors, GNC’s lawyers from Latham & Watkins said at a virtual hearing Thursday.
“The market has spoken. The Harbin bid was the highest, best bid” that emerged during the marketing process and is “better than any alternative plan,” including liquidation, Latham’s Caroline Reckler said on behalf of the company. The sale also provides $4.5 million to GNC’s unsecured creditors who supported the sale as part of a global settlement with the company.
U.S. Florida Senator Marco Rubio voiced concerns last week over the company’s plans to sell to Harbin, citing risk of GNC customers’ personal data being exposed to the Chinese government. GNC continues to stand by Harbin’s bid and doesn’t believe there are any legal issues related to the sale, Reckler said in court, noting that “access to consumer data” is protected through quarterly audits that “will not change in anyway.”
The deal also calls for the assumption of 1,400 retail locations, saving thousands of jobs while closing under-performing storefronts, GNC’s lawyers said.
Read More: GNC Files Bankruptcy to Manage Debt With Plan to Sell Itself
GNC filed for bankruptcy in June with plans to sell itself, cut debt and close certain locations. Harbin and other co-investors were named as the so-called stalking-horse bidder of the company’s assets in a court-supervised sale process.
The company will also seek approval for the sale at a hearing before the Ontario Superior Court of Justice scheduled for Sept. 22, according to a regulatory filing. GNC said it expects to complete its restructuring process by year-end.
GNC traces its roots to 1935 when David Shakarian opened a health-food shop selling yogurt and sandwiches in Pittsburgh. The chain rode a wave of interest in nutrition, eventually expanding to over 9,000 outlets. It’s using the bankruptcy process to get out of and renegotiate expensive leases.
The chain sells health and nutrition products worldwide, including vitamins, supplements, minerals, herbs, sports nutrition, diet and energy supplements.
The case is GNC Holdings Inc., 20-11662, U.S. Bankruptcy Court, District of Delaware.
For more articles like this, please visit us at bloomberg.com
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©2020 Bloomberg L.P.


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Judith Phiri, Business Reporter
THE Zimbabwe Revenue Authority (Zimra) is set to convene a breakfast meeting with tourism players in Bulawayo on the sidelines of the Sanganai/Hlanganani World Tourism Expo.
The engagement meeting is set to be held on Friday and among other issues it is aimed at deducing tax regulation matters as well discussing modalities of doing business in the tourism sector.
The Sanganai/Hlanganani World Tourism Expo takes place at the Zimbabwe International Exhibition Centre in Bulawayo starting on Thursday and ending on Saturday and will be the first in-person meeting since the onset of the Covid-19 pandemic.
In a statement, the Zimbabwe Tourism Authority (ZTA) which has partnered with Zimra said: “The breakfast meeting will shed light on charges on imported tourism goods, customs clearance procedures, traveller’s rebates and suspension of duty on specified new buses imported by tour operators.”
A tour operator means a person or organisation registered with ZTA and the Tourism Business Council of Zimbabwe (TBCZ) for a period of not less than two years or as approved by the minister.
ZTA said companies attending the meeting include Falcon Air, Concept Car Rental, CAAZ, Zimbabwe Parks and Wildlife Authority, Villa Gianni among others.
“The guest of honour will be the Zimra commissioner General Ms Regina Chinamasa. At least 200 delegates are expected to attend the breakfast meeting.
“The platform will also offer tourism players an opportunity to discuss challenges being faced in the industry,” reads part of the statement.
Meanwhile, a UK-based sports organisation, Africa Sports Legacy, is scheduled to grace this year’s edition of the Expo which will this year feature a Sports Tourism conference on Thursday.
ASL founder and world athletics elite coach, Stanley Madiri will deliver a keynote address as sports tourism discourse continues to grow in scope.
The ZTA and the Zimbabwe Olympic Committee have already partnered with the ASL as they bid to promote sports tourism in this country going forward.
In a statement, the ASL said they were geared to take part at the expo.
“The ZTA has teamed-up with Africa Sports Legacy (ASL), a UK-based entity leading the charge re-imagining how the business of sport is understood and executed in the Sports tourism and allied sectors.
“Despite sport being a proven force, which provides opportunities for economic development of individuals, communities and a nation at large, Zimbabwe’s own potential is arguably yet to be realised,” read the statement.
ZTA will also host a Tourism Investment Forum on the sidelines of the Expo on 14 October running under the theme: “Thinking Investment — Explore Zimbabwe Tourism Opportunities”.
ZTA chief executive officer (CEO), Ms Winnie Muchanyuka outlined the Investment Forum’s objectives: “Our objectives include unpacking tourism investment opportunities and exploring new frontiers such as medical tourism in the country. We are creating a platform for networking and engagement where promoters link with developers, financiers and operators,” said Ms Muchanyuka.
“The forum shall be delivered through thematic presentations and panel discussions, projects profiling exhibitions and B2B/ G2B network meetings,” she added.
The thematic areas to be covered are Policy Perspective — the Investment Climate in Zimbabwe, Tourism Investment Opportunities across the ten provinces, Tourism Infrastructure and Finance and Investor Lenses.
“We looking forward to participation from all players within the sector, including but not limited to Government, Agencies, Local Authorities, Operators, Developers, Investors, Zimbabwe, Financiers and Cooperating partners,” she said.
Wrapping up the Expo on Saturday will be the Sanganai Family Music Festival that will feature a number of renowned artistes local and from outside the country.
Sanganai/Hlanganani-World Tourism Expo is a signature event and an ideal meeting place for developing quality business relationships and establishing strategic business partnerships with world tourism players.
The Sanganai/Hlanganani World Tourism Expo is expected to help reposition destination Zimbabwe onto the world class marketing platform that will also in turn, give the country the requisite receipts for the tourism sector.


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The All Island Poultry Association says the prices of eggs and poultry products in the market have increased due to the inability to import animal feed.
The Association says it is facing difficulties importing animal feed due to the severe shortage of dollars in the country.
Speaking to NewsRadio, President of the Association Ajith Gunasekera said only way to reduce prices of poultry products is to increase production.
He noted raw materials for animal feed are imported but due to the dollar shortage, letters of credits are not issued.
Ajith Gunasekera said they are now facing difficulties to meet the local demand in the coming months.
He said if the government is able to provide certain concessions to poultry producers to import animal feed then they are able to increase production which will in turn reduce the prices of eggs and chicken.


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Sports Illustrated senior writer. New York Times best-selling author 1
Grant Wahl's followers by month
- Grant Wahl's followers increased by 18% (52K) in last 6 months.
- On an average, 11K followers were added every month.
- February saw the biggest increase in the number of followers when 14K followers were added.


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With a year-and-a-half of the Obama presidency left to endure, it might seem a bit premature for post-mortems of his administration, but this call is easy to make at this point because his policies only assure that, as bad as the situation is, it will only be worse by the end of his administration. I’m talking about trade. President Obama was elected in no small part on the hopes that he would fulfill his campaign promises and address what was, at that time, an already enormous trade deficit.
However, soon after taking office, his fledgling attempt at addressing our trade deficit with Mexico was an absolute disaster. Mexico sent him home with his tail between his legs and new tariffs on American goods. Soon after, he turned his focus away from imports toward exports, questioning his economic team why the United States can’t be an exporting powerhouse like Germany. Obviously, no one on his team pointed out to him that Germany is an exporting powerhouse because it has the United States to serve as its importing stooge, and that there are no other such stooge countries out there to do the same for us.
He obviously didn’t get this message because, in January of 2010, he publicly proclaimed a new focus on exports and vowed that the United States would double its exports within five years. That was 5-1/2 years ago. Why do I bring all of this up now? Because the June trade figures, released last week, put an exclamation point on just how abysmal his failure on trade has been. Exports fell yet again and our trade deficits with China and the EU set records in June.
At the time that he vowed to double exports, I knew and predicted that it was impossible for this strategy to succeed because the United States has almost no control whatsoever over exports, which are driven entirely by foreign demand. What few measures are at the president’s disposal to influence exports – primarily things that would make American manufacturers more competitive – are all easily countered by similar measures taken by other countries.
So I began to track the data, beginning in January, 2010. Since then, America’s already-bad trade deficit is now even worse. Here’s a chart of our total trade deficit: Balance of Trade. Our total trade deficit has worsened from $37 billion to almost $44 billion in June. That may not seem so bad until you consider the fact that, during that same period, our deficit in oil improved from $22 billion to $6.3 billion, almost all of which is due to a big jump in domestic production. Take that away, and our total trade deficit would now be $60 billion.
The real trade story is what has happened to the trade deficit in manufactured products which, incidentally, is where the real opportunity for job creation lies. Look at what has happened to the deficit in manufactured goods since January, 2010: Manf’d Goods Balance of Trade. It has nearly doubled! And what about exports, the focus of Obama’s strategy? Manufactured exports in June were actually lower than in September, 2011. In other words, manufactured exports haven’t increased one iota in nearly four years! Here’s the chart: Manf’d exports vs. goal.
If this isn’t a total failure, then I don’t know what is. (It should be noted that this failure isn’t just the result of turning a blind eye to trade. President Obama’s disastrous trade deal with South Korea, which he proclaimed a “big win for American workers,” has played a key role in the worsening of the manufactured goods deficit. Our trade deficit with S. Korea is on track to double what it was only three years earlier!) The president owes the American people an explanation for this abject failure and for letting us down so badly on one of the key campaign promises upon which he was elected.


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Santa Ana, CA–Ingram Micro has signed a definitive agreement to purchase certain net assets of AVAD, the nationwide distributor of home technology solutions.
Ingram Micro is the world’s largest technology distributor, and AVAD is a privately held alliance of 12 companies serving the custom installation channel, and employing 280 people throughout the United States.
“This acquisition accelerates our consumer electronics initiative and provides another key platform for growth,” said Greg Spierkel, chief executive officer, Ingram Micro Inc. “We view this as an opportunity to further differentiate Ingram Micro and enter a profitable and growing new market. Technologies for the home are becoming more complex, often requiring sophisticated experts to install home automation and entertainment. AVAD is one of the only meaningful distributors for custom installers in the consumer electronics and home automation space–it is the far-and-away leader.”
AVAD reported sales of approximately $200 million in 2004. The company serves approximately 8,000 dealers through 28 multi-functional facilities that combine product showrooms, distribution centers, training locations and will-call capabilities under one roof. Its product portfolio includes renowned vendors in the high-end consumer electronics market, such as Fujitsu, Bose, Sharp, Samsung, Niles and Lutron.
“This acquisition is great news for our employees, affiliates, customers and manufacturer partners,” said Bob Gartland, president and principal founder, AVAD. “We’ve been expanding our capabilities and extending our reach across the electronic systems contractor base for many years. We are building a dealer-to-builder program to help connect our customers to the growing new home construction market, and we have led the industry in dealer training and CEDIA certification. Now as a subsidiary of Ingram Micro, we’ll have the resources and the capital to enhance our dealer services and accelerate our expansion plans.”
According to Kevin Murai, president and chief operating officer, Ingram Micro Inc., the company officially launched its consumer electronics initiatives early last year, after recognizing trends pointing to the convergence of consumer and business technologies.
“The lines between home and office are blurring,” said Murai. “Many homes are being built or renovated with centralized electronic systems to combine data, entertainment and everyday conveniences, such as lighting and appliances. AVAD’s customers are on the front lines of the convergence trend, selling and installing everything from home theatre systems to lighting, security and centralized controls. This custom installer market is one of the fastest-growing areas of the estimated $70-billion consumer electronics market in the United States.”


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13/09/2021 | EUROFI
Speech by Benoît Cœuré, Head of the BIS Innovation Hub, at The Eurofi Financial Forum, Ljubljana,
Friday 10 September 2021.
Distinguished guests, ladies and gentlemen. Thank you for inviting me to speak here today. We all experienced how the pandemic accelerated the shift to virtual events, but I am pleased that today we are gathering in person.
Yet the world is not returning to the old normal. Payments are a case in point. The pandemic has accelerated a longer-running move to digital. Mobile and contactless payments are already part of our daily lives; QR codes and "buy now, pay later" options are gaining popularity; gloves, badges and Olympic uniforms with payment functions are being prepared for the Beijing Winter Olympics; and the tech-savvy generation will soon dream about money and payments for the metaverse.
Alongside these developments, the world's central banks are stepping up efforts to prepare the ground for digital cash – central bank digital currency (CBDC). 1 They have a job to do – delivering price stability and financial stability – and they must retain their ability to do it. Let me explain.


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The path to Windows 10's eventual arrival on PCs has been meticulously pieced together just days after we found out the OS will be released in July.
Windows 8.1 and 7 users have to choose to download the latest update and when they do it will bring a number of different capabilities tagged with the GWX (Get Windows 10) acronym first mentioned by Myce earlier this month, which will lead their PC closer to Windows 10.
Four scheduled tasks are at the centre of it all, one of which kicks off an "appraiser" app that is run to check for prerequisites for the download and upgrade that are about to follow. Inside the GWX folder itself is where things get even more interesting. The XML file in there opens up with the "Anticipation UX" that will bring a pop-up advertisement that informs the user of the update. Following that there is a "ReservationPage" that will presumably allow users to opt-in to Windows.
Following this is the upgrading, download in progress, download complete, ready for setup, setup in progress, and setup complete phases that will get underway by themselves. The whole process is almost identical to the one that Windows Insiders currently go through for new Windows 10 Technical Preview releases right now.
AMD let it slip
Microsoft is doing a fine job of making sure that more people than ever will be able to use the new version of Windows and to that end it introduced peer-to-peer integration in a recent Windows 10 build to ensure updating is as painless as possible.
The Windows 10 roadmap release comes only a day after AMD accidentally informed everyone that Windows 10 will arrive on PCs at the end of July and kick off a new era for the Redmond-based firm.
- Check it out: Windows 10 release date, price, news and features
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Dell ships new convertible laptop with a puzzling CPU that had 'people scratching their heads' — 9W Core Ultra U7-164U is probably Intel's most interesting laptop processor right now
Samsung finally launches its very first 1TB microSD card — but it hasn't gone on sale yet, so make sure you don't buy fake Evo Plus cards


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This article is an on-site version of our Unhedged newsletter. Sign up here to get the newsletter sent straight to your inbox every weekday
Good morning. The 10-year Treasury yield hit 3.96 per cent yesterday. Perhaps investors are selling their Treasuries to buy UK gilts, picking up 50 or 60 basis points of extra yield suddenly on offer across the Atlantic? Email your anglosphere sovereign bond preferences to: firstname.lastname@example.org and email@example.com
The resilient US economy
The overwhelmingly important question facing investors is when the Federal Reserve and chair Jerome Powell will stop raising interest rates. The answer lies in the US labour market. A move up in unemployment or a move down in wage growth would strongly suggest inflation is poised to fall. Employment is a lagging indicator, though. It won’t ease off until economic activity does.
So, is the US economy slowing? It is clear that financial conditions are much tighter. The strong dollar, doubling mortgage rates, falling stock prices and higher real interest rates all testify to this. Outside of highly rate-sensitive areas such as housing, however, activity is slowing only gently.
Start with our favourite bird’s-eye barometer, the Atlanta Fed’s GDPNow forecast. Their running estimate of third-quarter growth took a big step down earlier this month on slightly weaker retail sales and industrial production data:
A wider look at the data makes this seem like a blip, though. The production side of the economy hasn’t looked half-bad, even after adjusting for producer-side inflation. New orders for non-defence capital goods, a leading indicator for capex, are rising in nominal terms; the latest data point for August, released yesterday, showed 1.3 per cent monthly growth. For the last several months, high producer inflation swamped steady nominal growth, but that has flipped around, thanks to lower energy prices and slacker supply chains. Real industrial production fell a smidgen last month, but from an all-time high. The Fed’s regional manufacturing surveys are showing cooling activity, but the bottom hasn’t fallen out (chart from Yardeni Research):
Production is hanging in there in part because demand is. Consumption isn’t shooting up as it once was, but it isn’t falling, either. Consumers are putting higher wages and leftover pandemic savings to work. Note the gentle but unceasing uptrend in real personal consumption spending (dark blue line):
Consumers have not put away their credit cards. Card loans continue to grow above the pre-pandemic trend:
Some weakness is emerging at the margin. Notably, the poorest
(and often youngest) consumers — who also have the strongest tendency to spend extra income — are out of cash. They are falling behind on loan payments and delinquency rates are rising. That is surely dragging down consumption. The trouble could spread. This Moody’s chart, of spare cash by income quintile, shows the trend using Fed data:
One area where financial conditions will soon have some effect on real activity is housing. The decline in new housing permits shows that before long, significantly fewer people will be banging nails for a living (for another indication of this, look at lumber prices):
That these signs of weakness at the margin are, well, marginal is evident in the stubborn tightness of the labour market. Here is annualised rate of wage growth:
Note also that initial jobless claims have been falling since July. Not one labour market indicator we could find shows anything but tightness, often well above historical averages.
The picture from these and other indicators is pretty consistent. The impact of the dramatically tighter Fed policy has been felt only lightly by most of the US economy, and a persistently tight labour market is the perfectly logical result. To date, the Fed has made only very modest progress in getting demand back under supply.
This should not be a surprise. A 2013 meta-analysis rounding up 67 studies of central bank tightening cycles found that the maximum decrease in prices occurred, on average, 29 months after tightening began — and even longer, on average, in developed economies such as the US. This could take a while.
One optimistic note, pointed out by Don Rissmiller of Strategas. Financial markets are not waiting for the apogee of the tightening cycle — the moment when policy has its maximum impact on prices or employment. What they are waiting for is the moment when the Fed can pause rate increases and see what happens. Remember the Sahm rule: just a 0.5 percentage point annual increase in unemployment, relative to the low of the last 12 months, is generally enough to signal the onset of recession.
It is also possible that the global slowdown which seems to be unfolding could accelerate the US slowdown, relative to previous tightening cycles. But evidence of this is scarce as of yet.
We expressed surprise yesterday that 2023 corporate earnings estimates have not been trimmed, and we still think a recession next year should be the central forecast. But it might happen closer to Christmas 2023 than Valentine’s Day — leaving financial markets to twist in the meantime. (Armstrong & Wu)
One good read
Does America believe in asylum?
Source: Financial Times


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Peru pushes for new avocado markets
The Peruvian avocado industry's first full season entry in the United States didn't go quite as planned this year, but representative body ProHass will continue promotional campaigns in the country. As exporters look for new options to absorb volume, they at least have the U.S. phytosanitary stamp of approval to help seal deals elsewhere. ProHass general manager Arturo Medina tells www.freshfruitportal.com that Chile, Mexico, China and Japan are high priorities right now, along with raising domestic consumption.
Medina says the 2012 season was difficult and next year could be too, facing big volumes from key competitors during its supply window.
"When we arrived we were very enthusiastic to be in the American market, but then we saw the market had a lot of Mexican and Californian fruit," he says.
"So we encountered them and, caramba, we already had a program where we wanted to send them 50% of the volume we had projected, and what we had to do was draw back and look to our natural market of recent years, which is Europe.
"We need to be looking at opening up new markets - not just looking at Europe and we don't want to neglect the United States and will continue sending fruit there - such as Chile, Mexico, Japan and China.
He says the issue with Chile is that authorities ask for quarantine treatment, either as cold treatment or through methyl bromide application, which in the end damages the fruit.
"In Peru in 2009-10 we did a study that showed that Peruvian avocados did not have fruit fly. That finished satisfactorily with collaboration from APHIS (Animal and Plant Health Inspection Service), so fruit fly shouldn't be a barrier for us in exporting to the world.
"In China they don't have the habit of eating avocados so we would need to promote. We know that Mexico is doing promotions there, and we want to distribute - if we could get the Chinese eating more avocados it would be wonderful.
"Japan is attractive too, a good market, and Chilean and Mexican avocados are entering there."
On the issue of Mexico, Medina says many importers from the country have approached Peruvian avocado shippers to capitalize on periods when the North American country has lower production.
"We hope to open at least a few markets in the next year, this is our expectation. We are sure we will achieve this as there aren’t many reasons why they’d say no."
Medina firmly believes in the potential of existing markets as well such as the U.S. and Europe. Around US$1 million was spent on promotions in the latter this season, of which around half was destined for Germany.
"We think Germany has a lot of potential, and that’s why we’re betting so much on them.
The Peruvian market is also a priority for Medina, where cultural hurdles still need to be overcome.
"In Peru we have an avocado called Fuerte, which is highly consumed at around 95,000 metric tons (MT) a year. People keep eating Fuerte avocados and they don't know Hass avocados.
"Hass avocados were planted mainly for export, but what's now starting, last year we began promotions so people understand there is this other variety.
"But it's difficult as we are used to eating a beautiful green and smooth avocado, so if you serve up an avocado with black or a darker color, people think it's gone off - a lot of people have this perception and it's a barrier we need to get over."


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ABAC dismisses Carlton Zero ad complaint
The Alcohol Beverages Advertising Code Scheme adjudication panel yesterday dismissed a complaint about Carlton & United Breweries’ recent Carlton Zero advertisement.
The AB InBev-owned brewery in May launched a television advertisement in which it encouraged adults to switch from sugary soft drinks to its alcohol-free variant, Carlton Zero.
Foundation for Alcohol Research and Education chief executive Michael Thorn said at the time that the advertisement was “deliberately deceptive” and was effectively “an effort to groom the next generation of drinkers”.
The 15-second ad featured two men on a lunch break at work. The message to viewers was that Carlton Zero has ten times less sugar than a regular soft drink.
The anonymous complaint raised two concerns, firstly that an alcohol brand was being marketed as a light lunch drink. It also raised that Carlton Zero was being compared to a soft drink, stating it has fewer calories than an average soft drink, and could be easily misinterpreted as a soft drink.
CUB responded to the complaint in a letter saying that its intention was “to give consumers more information – not to engage in advertising which can be misinterpreted or seen as misleading”.
“Carlton Zero is a non-alcoholic beverage, and we have created it for the specific purpose of expanding the number of occasions that people can enjoy the taste of beer, without the alcohol, and without having to resort to sweet and sugary soft drinks,” the letter continued.
“We do not consider Carlton Zero to be a soft drink, and we do not refer to it as such in the relevant advertisement.
“CUB is a beer company, and Carlton Zero is a non-alcoholic beer, that also happens to be relatively low in sugar as compared to other non-alcoholic beverages, such as ‘soft drinks’, on the market.”
While the advertisement was submitted for pre-vetting, ABAC did admit that its standards, which obviously deal with responsible marketing of alcohol beverages, are to some extent “clunky” when applied to a brand extension in the form of a non-alcohol beverage.
Despite this admission, ABAC found that the Carlton Zero ad was not in breach of the Code, saying that the ad did not strongly appeal to minors or make any claims as to the product offering a therapeutic benefit.
“Even if a viewer took the ad as saying the product is a ‘non-regular’ soft drink, the ad taken as a whole is not creating a message which can be fairly said to be appealing to minors, which is the point of the ABAC standard,” ABAC said in its decision.
“Accordingly the complaint is dismissed.”


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Remedy Talks Max Payne 3, Franchise is in Good Hands at Rockstar
The Max Payne franchise originally belonged to developer Remedy Games, who passed off the franchise a couple of years ago to work on the Microsoft exclusive Alan Wake. Rockstar Games took on the beloved series at that point and, judging by how Max Payne 3 is coming along, there’s no need for Remedy to fear that their iconic franchise will be tarnished.
In an interview Kotaku had with franchise development head Oskari Hakkinen of Remedy Games at this year’s CES, Hakkinen expressed his confidence in Rockstar’s ability to deliver with Max Payne 3.
We absolutely love what they’ve done and couldn’t be more proud of where the series is headed. I mean, they don’t really make shitty games, do they? It’s as if the Rockstar logo has become this, ‘Seal of quality.’
Rockstar Games has already proven that they can make quality games time and time again, so there is little reason to doubt that they’ll do it again with Remedy’s baby.
Max Payne 3 is set to launch this March.